Mortgage Refinance Boom Enters New Realm; Bear Stearns Says Volume May Top $3 Trillion
March 14, 2003
Mortgage interest rates sank to new lows this week and consumer applications for refinance loans rocketed higher, adding more gas to a mortgage origination boom that won’t quit. Freddie Mac reported that the average rate for 30-year fixed rate conventional mortgages sank to 5.61 percent this week, 6 basis points below the previous record set in the first week of March.